An update from the office of U.S. Representative Michael E. Capuano7th Congressional District of Massachusetts

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November 1, 2013

Congratulations to our Boston Red Sox, World Series Champions. Red Sox Nation thanks you for a remarkable season.

Recent Votes

Last week the House considered H.R. 3080, the Water Resources Reform and Development Act. This bill gives the Army Corps of Engineers authorization to improve our ports and waterways, conduct environmental and flood protection work, and upgrade drinking water infrastructure. H.R. 3080 is a great example of bipartisan work to craft a bill that a majority can support. Itís not perfect by any means but it gives the Army Corps of Engineers some of the tools it needs to improve our infrastructure. H.R. 3080 directs the Army Corps to develop a list of eligible infrastructure projects that Congress can fund in future bills. It increases the percentage of revenue available through the Harbor Maintenance Trust Fund for harbor related projects. Currently, only about half of those resources are spent on harbor related work. I do have some concerns about changes made to the environmental review process and I hope that they can be addressed in the conference committee. I voted YES. H.R. 3080 passed and the entire vote is recorded below:

YEA

NAY

PRESENT

NOT VOTING

REPUBLICAN

224

2

0

4

DEMOCRAT

193

1

0

6

TOTAL

417

3

0

10

MASSACHUSETTSDELEGATION

8

0

0

0

Financial Services Votes

This week the House considered H.R 2374, the Retail Investor Protection Act. This legislation requires the Securities and Exchange Commission (SEC) to conduct a rulemaking on the standards that should be applied to brokers and dealers before the Department of Labor can issue any rules related to the Employment Retirement Income Security Act. ERISA is important because it has to do with 401Ks and retirement accounts. The problem with this is that by requiring the Labor Department to wait on the SEC, protections for investors seeking guidance on their retirement plans will also be delayed. I voted NO. H.R. 2374 passed and the entire vote is recorded below:

YEA

NAY

PRESENT

NOT VOTING

REPUBLICAN

224

1

0

5

DEMOCRAT

30

165

0

5

TOTAL

254

166

0

10

MASSACHUSETTSDELEGATION

0

8

0

0

The House also considered H.R. 992, the Swaps Regulatory Improvement Act. This legislation amends a provision of financial regulatory reform legislation that requires banks to separate their derivatives business by moving it to separate entities. This was designed to reduce overall risk to banks. H.R. 992 essentially eliminates this provision, allowing banks to trade a whole host of derivatives without addressing the risk factor. I voted NO. H.R. 992 passed and the entire vote is recorded below:

YEA

NAY

PRESENT

NOT VOTING

REPUBLICAN

222

3

0

5

DEMOCRAT

70

119

0

11

TOTAL

292

122

0

16

MASSACHUSETTSDELEGATION

0

6

0

2

Debt Limit Disapproval

The House also considered H.J. Res. 99, a Resolution of Disapproval on a further increase to the debt limit. As you know, Congress recently passed legislation to fund the government through January 15th and suspend the debt ceiling through February 7th. This resolution is simply an opportunity for Members to go on record opposing the debt ceiling increase that already passed. Many who voted in favor of this suspension also voted for H.R. 2775, which does the opposite. It is nothing more than a meaningless political charade. I voted NO. H.J. Res. 99 passed and the entire vote is recorded below:

YEA

NAY

PRESENT

NOT VOTING

REPUBLICAN

219

4

2

5

DEMOCRAT

3

187

0

10

TOTAL

222

191

0

15

MASSACHUSETTSDELEGATION

0

6

0

2

Cambridge Chamber of Commerce

I recently joined the Cambridge Chamber of Commerce at one of their regular breakfast meetings for a discussion about the current climate in Washington. I focused on the budget situation and concerns over future spending impasses. Many in the audience asked thoughtful questions about the role that local businesses can have in helping to encourage cooperation in Washington. I encouraged them to communicate with national business organizations to emphasize that repeated conflicts over debt and budget matters are not helpful for the overall economy. We also talked about the state of the Republican Party in Washington and the internal struggles that have been on display recently. Some in the audience wondered why reaching across the aisle to find common ground is so much more difficult than in years past. I think part of that is Members spend less time in Washington getting to know each other, making it harder to develop relationships.

Somerville Homeless Coalition

It was my pleasure to meet with staff and volunteers from the Somerville Homeless Coalition at an event honoring longtime community advocate, Mary Louise Daly. The coalition is such an important local resource, providing help for those who are homeless or in danger of becoming homeless. The coalition helps to settle folks in permanent housing, and provides guidance for those in need of a little extra help in order to remain in their home. I appreciated the invitation to join the Somerville Homeless Coalition, honoring Mary Louise Daly.

Whatís up Next Week

A district work week is scheduled. Next votes will take place on Tuesday November 12th.